Topic: [Moderated] [ANN][URO] First Urea Commodity Token: 1 Uro = 1 Metric Tonne Urea - page 101. (Read 227157 times)

http://www.transaction.net/money/backed/

https://www.youtube.com/watch?v=IRoh62wRgkc

http://www.eia.gov/dnav/pet/pet_pri_fut_s1_d.htm

"    NYMEX Futures Prices
   (Crude Oil in Dollars per Barrel, All Others in Dollars per Gallon)
"

There you go Chang the mental patient.

Okay I admit it's the other way around. Oil is pegged to the dollar, what difference does it make?

Ever notice the more people make sense the more Chang shouts and gets abusive? There's a direct correlation. 

+1

And I advise the rest just Do the same.

busywork, as you seems to be genuinely interested in the "cryptocurrency backed by commodity"subject, I recommend you reading this neutral 3rd party academia research made on this specific matter.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2425270

Cheers.

Chang Hum

Trust: 0: -0 / +0(0)
Unignore

This user is currently ignored.


JUST DO IT .NO MORE NOISE!

This is exactly how I see it. In order to make URO work, everyone involved in the trade of urea has to buy in and come to an agreement to make URO the standard of payment - just like how OPEC decided to make the USD the standard. I'm not going to go as far as calling it a scam but the theory of using URO as an alternative form of payment just doesn't make sense.

of course they are not, this is crypto high risk shit, thats why you never put more than you can afford to loose, and if you can afford to loose it, you can leave it waiting for a few months and see where the ship is going.

if you join IRC you will see there is still people working on this.

dude, you should have let people sell on you at 160k or lower .

Investments aren't 100% guaranteed. Technically this a loss.

Flaws of pegging a virtual currency to a commodity

Given that the fatal flaws in pegging a virtual currency to a commodity haven’t been relevant to the discussion (since it’s an easily provable scam) I haven’t touched on them yet but will try and handle them briefly here.
Although this subjects been explained by people far more intelligent then me over the past few years on Bitcointalk, I can’t be bothered to search through the sea of stupidity this forums become to find the posts! I’ll have a stab at a few obvious reasons that stand out in my mind. However if you’d like to search for more acedemic reasoning i’d suggest the original Mastercoin threads or try Daniel Krawisz insightful post here http://nakamotoinstitute.org/mempool/mastercoin-is-a-nightmare-of-insanity/

If a market participant sees the level of sales is exceeding the depth and velocity of the market to the extent they can clearly predict their investments going to drop they wont bother investing in the first place causing an avalanche effect with those at the top of the market fearful of being dumped on.

A fixed supply of Uro coins on the free market means there’s no reason why a purchaser could ever acquire enough coins to meet a minimum order, on Bittrex the most liquid exchange there’s only 10.5 Bitcoins worth for sale at the time of writing this, even given the exceptionally cheap Urea price they’re claiming, this is no where near sufficient to complete a minimum order.

The closer you get to the spot price of Urea the more the market will know they are going to get dumped on, again creating an avalanche effect on the price., even if the price held at 1% below the spot price it would completely undermine the cost savings of the scheme.

The US dollar is pegged to oil, I see no difference between URO and urea.

In fact I see the US dollar destabilizing and OPEC looking to back oil with China's yuan. If anything urea would have the same issues except that it's not an inflationary debt backed currency issued by a corrupt government privately held "federal reserve". In fact URO is held and backed by the blockchain and the hoard of miners supporting it, so it's even more likely to peg a unit of commodity to it.

You know you can trade paper contracts for any commodity, they're called future contracts. If you hold a valid future contract you can trade it for a set tonnage of commodity. What's the difference to URO? Nothing. As long as there's agreements between parties.

I had the same issue with bittrex before. It can take a few hours. I emailed them a support ticket and before they answered it the trans went through.

There is no loss. There is however delayed ROI.

This is very interesting... Reminds me of what Brazil did to solve their inflation issue.

http://www.npr.org/blogs/money/2010/10/04/130329523/how-fake-money-saved-brazil

I was hoping for something little more credible.. Still doesn't explain who absorbs the loss when URO gets traded for urea.

Funny that was you....
looks like its back down less then when you started...

Bittrex takes their sweet time sometimes, but the transaction will go through eventually.